Home Buying in Hamlet>Question Details

Sami, Home Buyer in Hamlet, OH

How to submit a final offer to bank?

Asked by Sami, Hamlet, OH Tue Sep 9, 2008

I am currently in negotiations with a bank (through an agent), and I have submitted 3 offers and had 3 counters. I do admit, that I did start low, and the bank is countering modest amounts as well. At this point I just want to put in a final bid, but I'm not sure if this is the smart thing to do. I have two questions.

1. Should I just play the waiting game, and keep countering, or can I submit a final offer? I'm assuming the bank wants to come in between 130,000 - 135.000 (based on my offers / their counter and where we would meet).

2. Can I just submit a final offer (and it's fair) - and if so will the bank counter again??

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Answers

6
Sami,

My opinion, Tit-for-tat negotiating methods are a no win for the buyer. If your agent actually is negotiating, not simply faxing documents to the banks rep, then make an offer of 60 percent of the difference and allow your agent to use that to your advantage.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Tue Sep 9, 2008
Get it over with already! If you spend $3,000 less on the sales price, but your wait costs you another 1/2% in interest rate, did you really make the best decision??
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Tue Sep 9, 2008
Hi Sami -

I agree with Bill - if you really want the house, don't play games for a few thousand dollars. Talk with your mortgage lender and they can show you the small difference in payment $5,000 can make. If you submit your highest and best offer, you will have the best luck. In this market, I am seeing a big turnaround with Buyers. A lot of "lookers" are actually taking the next step and putting offers in. So be careful, even though you are currently in negotiations with the bank, if you take too long another buyer can come in and make a better offer. The bank has no obligation to work only with you. Take advantage of your Realtor and use their experience to get the deal done! Good luck to you!

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference: http://www.NicoleSleeva.com
0 votes Thank Flag Link Tue Sep 9, 2008
Yes.... get it overwith already. When submitting your "highest best and final" note that on your offer. The bank will know what you mean. Frankly I'm surprised you've gone back and forth this much already. I usually only see that on short sales, not REO's. So I'm guessing this must be a short sale. Either that, or an REO asset manager with way too much time on their hands.
Web Reference: http://www.cathyblight.com
0 votes Thank Flag Link Tue Sep 9, 2008
Sami,

If you really want the home don't mess around over a couple thousand dollars and run the risk of losing it to another buyer. If you feel you have an idea of where they want to be, provided it's the right place, get as close to their number as you can afford.

It is sometimes helpful to provide a letter of "proof of funds" or "loan approval" in the amount of your final offer. This will help them get the picture. Your bank or mortgage company will work with you on this.

Good luck,
0 votes Thank Flag Link Tue Sep 9, 2008
This is something you should ask your REALTOR. They would know the particulars of your situation and be able to advise you much more appropriately than anyone here on Trulia. Your agent is getting PAID to help you with this situation - make them earn it!
0 votes Thank Flag Link Tue Sep 9, 2008
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